Petrol Prices To Continue Falling Until June 2025, Says FDC Boss

Feyisayo Ogunbiyi

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewan, has predicted that petrol prices in Nigeria will continue to fall until June 2025.

This follows recent reductions in the price of petrol by the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery.

Rewan, speaking on Channels Television’s Business Morning on Tuesday, March 4, 2025, revealed that the downward trend in petrol prices would persist until mid-year.

He stated, “So, generally, between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization.”

He highlighted the ongoing competition between Dangote Refinery and NNPCL as a key driver for the price reductions, adding that, while price wars typically leave no winners, consumers stand to benefit in the short term.

Rewan emphasized, “In a price war, nobody wins; the consumers win in the short run, and then eventually, the market goes back to where it should be. But, at the end of the day, between now and June, the price leadership will be firmly established.”

The reduction in petrol prices comes as Dangote Refinery attributed its price cut to enhanced production cost efficiency. In line with this, Dangote Refinery announced the following new pump prices: ₦860 per liter in Lagos, ₦870 in the South-West, ₦880 in the North, and ₦890 in the South-South and South-East.

Other stations, including MRS Holdings, Ardova Petroleum (AP), and Heyden, are also reflecting similar reductions.

Shortly after Dangote Refinery’s announcement, NNPCL followed suit, reducing its petrol price to ₦860 per liter across its stations in Lagos.

Industry analysts believe that, while the price reductions may ease the financial burden on consumers, the market will likely stabilize after June, depending on global oil and currency fluctuations.